Polygon Price Tanks Despite Strong Network Activity and Token Burns

Polygon's price has declined over 1% in the past 24 hours after breaking below $0.07161, despite strong network activity and fundamentals.

The altcoin's network has burned over 107 million POL tokens this year, with a significant portion coming from base fees collected during the spike in transactions as a payment protocol.

Polygon had the highest stablecoin volume in May among all payment networks, with 198 million transactions recorded. Meanwhile, whale activity and staking were on the rise, with some whales still confident in the project's prospects.

However, the technical weakness is evident in Polygon's price action, which has been in a consistent descent since the end of 2024 and entered a consolidation phase in the form of a triangle pattern. The weekly chart shows sellers have been dominant since October 2025, with the Bull Bear Power indicator red and Cumulative Volume Delta indicating selling.